Bitcoin whales short at $65K, support may drive rebound
The Essentials at a Glance
- Bitcoin whales have resumed their short positions at a BTC price of USD 65,000.
- Key support levels at USD 62,000 and USD 63,000 could stabilize the price.
- On-chain data suggests potentially higher gains if these levels hold.
- Bot activity indicates increased buying interest, pointing to a possible price increase.
Whales Bet on Falling Bitcoin Prices at USD 65,000
Bitcoin whales, i.e., investors with large BTC holdings, have begun rebuilding their short positions as the Bitcoin price approached the USD 65,000 mark. This development has raised concerns about a potential price drop before the market could recover. Whale activity is being closely monitored, as it often influences the market’s direction.
Whale Sentiment Points to Falling Prices
An indicator that tracks whale behavior across various exchanges shows that whale sentiment has declined. This suggests that more short positions have been opened. Such a shift in sentiment often correlates with Bitcoin’s price movement. To avoid a stronger downward trend, Bitcoin must remain above the USD 62,000 mark, which is considered a short-term support level.
Leverage Data Shows Dominance of Short Positions
The shift in whale sentiment has also impacted the average leverage in the market. The so-called “Average Leverage Delta” has dropped below -10, indicating that short positions are currently dominant. Previously, long positions dominated the market. Despite this development, the market is not yet clearly bearish, as Bitcoin remains above the USD 63,000 mark and the 200-day Exponential Moving Average (EMA) line.
Key Support Zones at USD 63,000
Another important indicator is the “UTXO Realized Price Distribution” (URPD), which shows that the level around USD 63,000 represents a significant support zone. This zone also includes resistance at USD 65,000. If Bitcoin remains above USD 63,000, there is a possibility that the price could break through the USD 65,000 mark. However, if the price falls below this level, a drop to USD 60,000 could follow before a recovery sets in.
Bot Activity Points to Bullish Outlook
Another positive indicator is the so-called “Bot Tracker,” which monitors the activities of automated trading bots. These bots have increasingly built up long positions, which often correlates with a price increase. If the Bitcoin price temporarily falls to USD 60,000, this could entice whales to buy at lower prices, potentially driving the price back up towards USD 65,000.
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Our Assessment
Although whales are currently betting on falling prices, the overall outlook for Bitcoin remains positive as long as the support levels at USD 62,000 and USD 63,000 hold. The current market structure suggests that any decline may only be short-lived before Bitcoin resumes an upward trend. Traders should closely monitor these critical levels to better assess the market’s next moves.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $68,679.00 |
| 24h % | 2.78 % |
| 7d % | 9.14 % |
| 30d % | 14.14 % |
| 60d % | 16.97 % |
| 1y % | 142.19 % |
| Market Cap | $1,357,436,271,407.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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